Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
ACBC symbol change to ACBCQ, effective February 12, 2018. BANKRUPTCY.
http://otce.finra.org/DLBankruptcy
That was before the merger.
Motion for Asset Sale Approved for Albina Community Bancorp
Nov 7 17
The US Bankruptcy Court gave an order approving the sale of certain assets of Albina Community Bancorp on November 7, 2017. The debtor has been authorized to sell 100,000 shares of stock of Albina Community Bank to State Bancorp Inc., the stalking horse bidder, for a purchase price of $1.25 million. The assets include 100,000 Shares of Albina Community Bank Stock which represents approximately 9.9% of the common stock. The debtor did not receive any other competing bids for the purchase of its assets and therefore State Bancorp emerged as the winning bidder.
100K shares for 1.25M is worthless.......lol do your DD
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=2954792
Just got this email. Not cool. Shares worthless. Too lazy to upload picture but here is the twitter link..
I just got this email regarding $acbc. Shares worthless. Lame... pic.twitter.com/jvDaP8JqUx
— Nick (@nickroc014) February 2, 2018
I noticed they alert just after a major spike on many, I’m always quick to react and by time I’m there it’s already halfway through it’s run up.
That’s what most folks do nowadays just for a few bucks.
Right after the alert I watched the ASK go from .20 to .50, all it took was 1-2 small buys and it went from +400% to +1300%, ASK was 3x the current price at the time... there wasn’t enough volume to keep it going.
now over %1000 so still could have been up large with this just starting to run ...
Except they alerted after it was already up 400%
Tom Steyer co-founded Beneficial State Bank which bought Albina. He is still on the board of directors, wife is CEO. Beneficial trades on Nasdaq, BNCL.
Shortsqueezed on twitter is the best at finding these .
BeneficialState Bank
?
@BeneficialState
17h17 hours ago
More
Tomorrow we merge with Albina Community Bank in #Portland! We are excited to strengthen our ability to provide #BeneficialBanking products & services throughout #PDX and beyond. Here’s our logo getting installed at the MLK branch. https://www.beneficialstatebank.com/New-Chapter
Dunno. BK has already been announced. It is toast.
What's holding the bid up on this? How come no Q attached to the symbol???
Albina Community in Oregon Files for Bankruptcy (9/18/14)
by Chris Cumming
Albina Community Bancorp in Portland, Ore., has filed for bankruptcy.
The company applied for Chapter 7 liquidation on Wednesday, the last day before it would have defaulted on its trust-preferred debt. Albina had been deferring interest payments for five years, and Hildene Capital Management, a New York hedge fund, had threatened to force the company into involuntary liquidation if it defaulted on the payments. Hildene invested in a collateralized debt obligation backed by Albina's debt.
Albina's Chapter 7 filing showed $7.5 million on liabilities, all unsecured debt, and $1.3 million in assets. The company's largest remaining asset is its 9.9% stake in the $137 million-asset Albina Community Bank. The company has been operating under a written agreement with the Federal Reserve Board that forbids it from paying its trust-preferred debt without regulatory approval.
The company's board resigned as of the bankruptcy filing. Graham Bryce, the company's former chairman and chief executive, declined to comment, as did John Scannell, Hildene's chief operating officer.
Bankruptcy has become a common strategy for debt-burdened holding companies, but Albina Community Bancorp is an unusual case. The company's stake in Albina Community Bank was diluted in a recapitalization last year. The recap was structured as a direct sale of stock by the bank, circumventing the over-indebted parent company.
The recapitalization gave Beneficial State Bancorp in Oakland a 90.1% stake in Albina Community Bank. Beneficial is controlled by a nonprofit founded by the billionaire Tom Steyer, founder of the hedge fund Farallon Capital Management, and his wife, Kathryn Ann Taylor. The couple has donated nearly $50 billion to back Beneficial, a community development financial institution, since the financial crisis. Taylor did not immediately respond to a request for comment.
Albina's trust-preferred investors opposed the recapitalization, arguing that it violated the trust-preferred agreement. In comment letters on the stock sale, Hildene and Zions Bancorp, another investor, raised the possibility that the sale could expose Albina's directors, as well as Beneficial, to legal liability. But the Federal Reserve Board of San Francisco approved the sale, saying the creditors' objections are outside its jurisdiction.
There are about 240 banks that have defaulted on their trust-preferred debt and 200 that are still deferring interest payments, according to Fitch Ratings analyst Alina Pak. Two have been forced by creditors into involuntary bankruptcy: American Bancorporation in Minnesota and FMB Bancshares in Georgia.
http://www.americanbanker.com/issues/179_181/albina-community-in-oregon-files-for-bankruptcy-1070106-1.html?utm_campaign=daily%20briefing-sep%2019%202014&utm_medium=email&utm_source=newsletter&ET=americanbanker%3Ae3085704%3A4332755a%3A&st=email
Oregon Standoff Shows Difficulties Escaping Trust-Preferred Trap (9/15/14)
By Chris Cumming
Albina Community Bancorp nearly managed to wriggle out of a trust-preferred vise, but it could still find itself getting squeezed.
Hildene Capital Management, a New York distressed-debt hedge fund, has threatened the Portland, Ore., company with involuntary bankruptcy — or other legal consequences — if it defaults on its trust-preferred debt. Albina has been deferring interest on its trust-preferreds for five years and will default on about $6 million in debt and accrued interest on Sept. 17 if it doesn't pay.
"We certainly intend to enforce the obligation," said John Scannell, Hildene's chief operating officer. "It's hard, but we'll find a way to do it."
Threats of involuntary bankruptcy are nothing new for debt-burdened community banks, and they are likely to become more common after a judge ruled in creditors' favor last month in the case of FMB Bancshares in Georgia.
What's unusual about Albina's situation is that the company has already sold a majority interest in its bank unit. Last year, Albina sold a 90% stake in its bank to Beneficial State Bancorp in Oakland, Calif., by issuing new stock at the bank level, thus bypassing the debt-burdened holding company.
The unusual recapitalization saved the bank, but it could expose the parent company to further legal challenges. The sale was bitterly opposed by Hildene and other creditors, including Zions Bancorp and a unit of Assured Guaranty, which claimed the deal violated their rights. Asked if the fund could pursue further legal challenges related to the Beneficial sale, Scannell said, "We'll see."
The deal was necessary to save the $137 million-asset bank, which had suffered heavy losses and was on the brink of failure, said Graham Bryce, Albina Community Bancorp's chairman and chief executive.
"I guess [the Beneficial deal] was unusual, but we didn't spend a lot of time asking what everybody else did," Bryce said. "We said, 'What are our alternatives?'"
Bryce declined to discuss the dispute with Hildene. Scannell said Hildene has reached out to Albina about repaying the trust-preferred debt, but those discussions have been "unproductive."
Trust-preferred debt lets issuers defer interest payments for five years, after which point creditors can demand full repayment. About 240 community banks have reached the end of the five-year deferral period for trust-preferred debt, and another 200 are nearing the end. Many of them, like Albina, are under regulatory orders barring them from paying trust-preferred creditors.
Caught between creditors demanding payment and regulators forbidding it, many community banks have found themselves left with no option but bankruptcy. In these cases, the bank is sold at auction to pay the holding company's debts.
Albina is one of few companies in this position that managed a recapitalization without bankruptcy. Its recap left Albina Community Bancorp with just 9.9% ownership in the bank; Beneficial has a 90.1% stake. The transaction gave the bank nearly $9 million in capital, but it did not solve the holding company's trust-preferred problem.
Albina has the support of deep-pocketed backers. Beneficial, like Albina, is a community development financial institution, owned by a nonprofit foundation created by hedge fund billionaire Tom Steyer, who founded Farallon Capital, and his wife, Kathryn Ann Taylor. They have contributed nearly $50 million to support Beneficial since the financial crisis.
Yet Albina's creditors have expressed concern over the quality of Beneficial's management and the bank's reliance on capital from Steyer and Taylor. The $364 million-asset Beneficial, formerly One PacificCoast Bank, has lost money in all but two years since its 2007 founding, though it made $1.2 million during the first half of this year.
The recapitalization was approved in September by the Federal Reserve Board of San Francisco, despite loud complaints from Hildene and other investors in collateralized-debt obligations backed by Albina's trust-preferred securities.
The recapitalization has not been challenged in court, but Scannell left that possibility open, calling the sale to Beneficial a "back-room deal." In comment letters to the San Francisco Fed last year opposing the sale, the fund said the deal violates the trust-preferred indenture.
The deal also raises the possibility of legal claims for breach of fiduciary duty by Albina's directors, as well as interference in contracts by Beneficial, Hildene and Zions wrote in a letter objecting to the transaction.
"Creditors of Albina Bancorp may be forced to litigate these issues, at great expense to Albina Bancorp, its management" and possibly Beneficial, Hildene and Zions wrote.
The San Francisco Fed, in approving the deal, said it lacked the authority to adjudicate the dispute with the creditors, and that the investors should look to the courts to resolve the issue. The San Francisco Fed declined to comment on the dispute or the recapitalization.
Whether Hildene or other investors can form a legitimate legal objection to the sale, nearly a year after it closed, depends on the language in Albina's trust-preferred documents, which are not public.
http://www.americanbanker.com/issues/179_178/oregon-standoff-shows-difficulties-escaping-trust-preferred-trap-1069937-1.html?zkPrintable=1&nopagination=1
Guys, I've been out of ACBC for several months and took a small profit. I initially went into ACBC due to what I thought would be a triangular merge type situation with OPCB, ACBC, and Farallon Capital which was founded by Tom Steyer. Once I saw that didn't happen on the get go, I bailed. Hope those that wanted out got out with a profit or close to break even. Just chalking this up and moving to the next one. Good luck folks!
Joey, did not get the letter in the mail. I agree that CIBH is in a better condition financially. I may buy some more if it goes below .40, but certainly hope it doesn't!
WOW. I'm out of pocket for two days and come back today to see this shi*! Yeah, we certainly got played on this one. That's why you can't put too much money in one of these plays. Unfortunately, I've got a big overload in CIBH. If that goes south, I'm screwed. Sold my 10,500 shares of ACBC this morning.
Good luck to all this holiday season with these little turnaround banks (maybe). Some of us might be getting more coal in our Christmas stockings this year. :)
I did the Same Malc... I'm following your lead and I'm signing off on the ACBC board as well. I dropped off all my shares Yesterday morning.
Signing off here folks. I will keep watching. I find it fascinating that 125K of a 1M float sold off and it held .165.
I said repeatedly in the blind acquisition there was always the possibility the commons would get wiped out.
The newsletter to me reads that the commons are going to get wiped out, therefore I bailed.
It looks like we were taken for the Albina Ride here guys... I was definitely convinced this one was going to be a great investment. Extremely disappointed... The volume to the bid the last two days tells it all!
Got my letter yesterday. I have one thing to say. Whale oil beef hooked.
A BHC owns stock in its subsidiary banks.
Albina Community Bank needed capital. The BHC could not provide additional funds, so OPCB invested in the subsidiary bank. Basically, ACBC and OPCB now have joint ownership in the bank.
ACBC owns 9.9 percent, while OPCB owns 90.9.
ACBC needs to restructure its balance sheet. The most likely course of action will be Chapter 11 with the investment in the subsidiary bank being sold in a Section 363 sale.
What does this mean? Sell!
UNBELIEVABLE!
ACBC sent out a shareholder letter yesterday which Joeysco forward on to me last night. It said;
Yeah, I was just messin' around... I don't have any current openings sorry Ron. I'll let you know though. haha
There's those Teens!!!
Funds clear now!!! haha
Agreed. But I don' know about pocket change. In order to take out the .35 you would need to fork up over 22k! If you think thats pocket change.... do you have an opening in your palace for a butler or personal chef? :>)
I've been loading my boat here for about 7 months... It's definitely a no brainer at these levels. I wish I had enough pocket change to take out that entire ask at .35!!!
CIBH is definitely a bargain as well. For different reasons than this one.
Joey, if it gets back into the teens, I will load up the proverbial boat! With a presumed book value of around .89 to 1.00, it would be a steal at those prices!
CIBH still getting hammered, but holding in the .45 area for now.
I've been able to add at .25 twice this week!
I just added some more funds to my account to grab more next week too...
Maybe I'll be able to snag some teens!!!!
WOW, tax selling is really hitting many of these little gems... I think. May have to scoop up some more soon.
Meet some of Oregon's Most Admired financial services companies
http://www.bizjournals.com/portland/blog/2013/11/meet-oregons-admired-financial-services.html
Damn, 78,000 on the ask... Sheesh.
No L2 in the field. Thanks for the info.
Not really strange. Whoever was at the ask with that big block hit the bid and got out. Ask back to .55.
I sat at .16 today but the bid built right back to .30 in no time...
Strange. Most volume that I have ever seen here. Well the book value is still the same. I am not phased, just sad to miss a few more .22's
This OPCB advertisement posted on Investorshub.
https://www.sierraclubvisacreditcard.org/WebApp/WebPages/ITDevPages/MainPage.aspx?id=/pNsPoPZuzs=
Looks like we should be able to grab some cheap shares here again.
Not what I anticipated here but whomever has been holding that block out there has been moving down slowly over the past few weeks and it looks like the decided to start leaking their shares on the bid.
It's a new article so I figured it was informative and you prompted me to do a new search. I just don't think it's her priority right now. It would be nice if that changes soon but it looks like she's busy building her bank and Albina is now a part of that. I think the newly formed OPCB Holding Company will become her priority at some point... When that time comes we'll know it. I don't think she likes to fly under the radar that wouldn't be wise as a business woman.
RJ you out there!!!!
I'll be attempting to snag more on the bid as well... Round out my stack. Looking for 7000 more in the near term.
I am aligned with the Kat Taylor mission philosophically. I am a bit surprised we have heard only crickets regarding the acquisition of Albina. Don't know if that is a bad or good thing or neither. I guess Kat prefers to fly under the radar. After all we know number crunching wise I am fine with holding my position and will likely add some .30's if someone looking wants out there who is disappointed we did not get a major pop following the acquisition. It is clear we did not get wiped out, and have a BV approaching a buck at minimum. Details would be nice but I am and always have been a buy the confusion type investor.
And what happened to RJ? Where the hell are you man?
Kat Taylor going out and gettin' it done!
http://www.theguardian.com/sustainable-business/bank-with-a-mission
Interesting to see that big block pop up on the ask...
Great convo here guys! I think this is just getting started... I think the key is OPCB starting their own holding company!
Bit of action yesterday at the ask. Makes sense that someone would sell there if just trading for a triple, ACBC has been a trader's dream but I think I will hold a bit yet before pulling out my initial investments and ride the rest.
Once again, I couldn't agree more. I'm not greedy. A valuation of around a dollar a share is fine with me since I've cost averaged in at .24. I'm satisfied to hold onto this and watch the OPCB and ACBC story unfold!
Followers
|
3
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
221
|
Created
|
05/01/13
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |